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Has OPEC reached its limits?

Has OPEC reached its limits or does it have more breath to continue functioning alone as an independent organization without the need for any outside help? Since 2016, OPEC has not been able to function without inviting a very powerful third party to assist it in managing the oil situation, and bringing the oil prices to some acceptable level. Now that the USA shale is taking over as the biggest oil producer with a production rate of 12.4 million, which may increase next year to 13.4 million barrels per day, ...

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Hedge funds stick to the sidelines in oil: Kemp

Hedge funds and other money managers left their petroleum positions essentially unchanged last week as the poor outlook for consumption offset production concerns stemming from tensions in the Middle East. The net long position in petroleum futures and options remained at 563 million barrels in the week to July 9, according to records published by regulators and exchanges. Portfolio managers made only major changes to their net position in Brent (-4 million barrels), NYMEX and ICE WTI (-5 million), U.S. gasoline (+2 million), U.S. heating oil (+3 million) and European ...

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Oil steadies as U.S. supply concerns ease, Iran tension unresolved

Oil prices steadied on Tuesday as a resumption of output in the Gulf of Mexico after Hurricane Barry and a boom in U.S. supply due to shale oil countered tensions in the Middle East. Prices remained under pressure as data on Monday showed that second-quarter economic growth in China slowed to 6.2% from a year earlier, the weakest pace in at least 27 years. Brent crude futures were up 4 cents at $66.52 a barrel by 0852 GMT. The international benchmark lost 24 cents, or 0.4%, on Monday. West Texas ...

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The ‘biggest change in oil market history’ is less than six months away

Tens of thousands of ships sailing the world’s oceans burn more than 3 million barrels of sludge-like high-sulfur fuel every single day. But, starting next year, the shipping industry will have to comply with rules that should dramatically reduce sulfur emissions. “It is the biggest change in oil market history,” Steve Sawyer, senior analyst at energy consultant Facts Global Energy, told CNBC. “It is going to affect crude oil producers, traders, ship owners, refiners, equity investors, insurance companies, logistical businesses, banks… Who’s left? I’m struggling to think of anyone it ...

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Analysis: Asian distillate refining margins receive boost from plant issues

A recent slew of issues at refineries around the globe has provided a much-needed boost to Asian refining margins in July, improving overall regional fundamentals and opening arbitrage opportunities. The gasoline market, which has been grappling with a supply overhang since May, has seen an uptick in demand for prompt cargoes in July on news of run cuts at the 200,000 b/d Nghi Son refinery in Vietnam and the delayed restart of Petron’s 180,000 b/d Bataan plant in the Philippines, sources told S&P Global Platts. An estimated 670,000 barrels of ...

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More than half of US Gulf of Mexico oil, gas output remains shut after Barry: BSEE

About 1.3 million b/d, or 69%, of oil production and 1.7 Bcf/d, or 61%, of natural gas output in the Gulf of Mexico remains shut as drillers start returning to platforms evacuated ahead of Hurricane Barry, the US Bureau of Safety and Environmental Enforcement said Monday. BSEE said 267 platforms and 10 non-dynamically positioned rigs remain evacuated. All 20 dynamically positioned rigs operating in the Gulf have returned to their pre-storm sites, BSEE said. The figures were based on operations reported to BSEE as of 11:30 am CDT (1630 GMT) ...

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China June crude oil throughput rises to record on new plants

China’s crude oil throughput rose to a record in June, up 7.7% from a year earlier, following the start-up of two new, large refineries, official data showed on Monday. Crude processing volumes last month reached 53.7 million tonnes, or about 13.07 million barrels per day (bpd), beating the previous record in April of 12.68 million bpd, according to figures from the National Bureau of Statistics (NBS). The hefty processing rates were supported by the start up of two major new refineries. Private firm Hengli Petrochemical ramped up its 400,000-bpd refinery ...

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Oil sees short term gains with lower US crude oil inventories

Lower US crude oil inventories — coupled with a tropical storm in the Gulf of Mexico that is threatening oil production — are expected to provide further short-term gains for oil, analysts said, though the threat of oversupply continues to linger over the market in the long term. Oil markets have risen to their highest levels in the last seven weeks, with Brent trading at $66.89 (Dh245.65) and West Texas Intermediate at $60.39 on Friday. Those numbers could see continued momentum depending on the severity of the storm in the ...

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New entrant E&P companies are key to the future of the UKCS, but they need to step up investment in new production

A new study by Westwood Global Energy Group shows that new entrant E&P companies to the UKCS since 2008 now control 46% of production, 39% of reserves and 64% of potentially commercial volumes yet to be developed. New entrants are producing over 300 million barrels of oil equivalent per year but their appetite for buying producing assets has not yet been matched by their appetite for investment in new production. New entrants have so far moved only 577 million barrels of reserves into production since 2008, 16% of the total ...

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Middle East Crude-Benchmarks fall; Sokol, Basra premiums rise

Middle East crude benchmarks fell on Monday, while trading for September-loading barrels remained slow as traders await results of Qatar’s al-Shaheen tender due later this week. A rebound in Asia’s refining margins has provided some support for spot crude differentials with UAE’s Murban and Russian Sokol strengthening from earlier deals but overall demand could be weaker as several refiners have scheduled maintenance at their plants. India’s ONGC has sold a second Sokol cargo this month for loading on Sept. 13-19 to Chinaoil at $4.80-$4.90 a barrel above Dubai quotes, up ...

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A new way to tap oil reserve

Drilling for oil could turn out to be a whole new experience using a novel technique developed by scientists here at the National Centre for Earth Science Studies (NCESS). NCESS scientists V. Nandakumar and J.L. Jayanthi have patented a method which, in layman’s terms, could give oil exploration teams valuable knowledge — practically as real-time data — about the quality of oil contained in a basin during the drilling process itself. What they have devised is a method to precisely determine the API gravity of hydrocarbon-bearing fluid inclusions (HCFI) using ...

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Russia says Ust-Luga oil has normal organic chloride level

Reservoirs in Russia’s Ust-Luga port did not contain contaminated oil on Monday and had an organic chloride content of 3.5 parts per million (ppm), a level well within the normal range, the energy ministry said. Organic chloride levels have been closely scrutinised following a major oil contamination earlier this year. Levels are expected to range this week from 3.1-4.4 ppm, the ministry said. Source: Reuters (Reporting by Vladimir Soldatkin, writing by Tom Balmforth, editing by Maria Kiselyova)

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Russian oil companies ask for $40bn in tax breaks for Arctic development

Hydrocarbon extraction development in the Arctic would require RUB5 trillion to RUB8.5 trillion of investment, but Russian oil companies would need up to RUB2.6 trillion ($41bn) worth of tax breaks to develop the region, Vedomosti daily reported on July 15, citing a letter from head of Rosneft Igor Sechin addressed to President Vladimir Putin and backed by KPMG calculations. Since Western sanctions have limited exports of extraction technology and complicated joint ventures with foreign energy majors, discussions are ongoing as to whether Russia’s largest companies will be able to maintain ...

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Tight oil M&A: after Anadarko, remember small deals too

Now that the dust is settling from Occidental’s aggressive grab of Anadarko, tight oil M&A has gone relatively quiet. This is especially the case with private companies who were anticipated to be big sellers. Halfway through 2019, we’re on track for less than two-thirds of the tight oil deals with private and PE-backed sellers we modelled last year. US shale M&A landscape perking up in lower price range Although total spend is down, there are M&A standouts. Where? Much smaller deals are sailing under the radar, especially against the contrast ...

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Dubai futures’ discount to Brent widens, eyes on China demand

Sour crude benchmark Dubai futures’ discount to ICE Brent widened slightly in mid-morning trade in Asia Monday, while the market will weigh fresh cues on Chinese demand, which has been driving premiums higher for Middle East barrels in recent days. At 11 am Singapore tome (0300 GMT) Monday, September Dubai futures were valued at $63.67/b, down from $64.39/b at 4:30 pm Friday. The September Brent/Dubai EFS — a measure of Dubai’s discount to Brent — was valued at $2.89/b, widening from $2.76/b over the same period. China Monday reported second ...

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